The New Jersey Economic Development Authority (NJEDA) Board has approved Phase III of the Manufacturing Voucher Program (MVP), allocating an additional $10 million to assist manufacturers in acquiring new equipment. This latest phase brings the total commitment to nearly $50 million, benefiting over 325 manufacturers.
An informational webinar is scheduled for later this fall, with applications for MVP III expected to open in early 2025.
"Governor Phil Murphy has prioritized growing and strengthening New Jersey’s manufacturing sector, leading to the creation of thousands of new, good-paying jobs in the industry since 2018," said NJEDA Chief Executive Officer Tim Sullivan. "Manufacturers across the Garden State play a critical role in the nation’s supply chain, and they must have access to the resources needed to keep their business moving forward. This next phase of MVP will allow manufacturers to purchase essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey."
MVP Phase III will provide vouchers covering 30 to 50 percent of eligible equipment costs, including installation, up to a maximum award of $250,000. The program targets priority sectors within the state that will purchase manufacturing equipment and non-targeted manufacturers that integrate advanced or innovative technologies.
To ensure equitable access during the initial two-week application period, Phase III applications will prioritize new applicants who have not previously received MVP grants. Following this period, all eligible businesses may apply if funds remain available.
"We at the New Jersey Manufacturing Extension Program (NJMEP) fully support the NJEDA’s Manufacturing Voucher Program (MVP) and are excited about the upcoming release of MVP 3," said NJMEP CEO Peter Connolly. "The first two rounds of the program were resounding successes for New Jersey manufacturers, providing nearly $50 million in capital funding to support crucial equipment purchases for small-medium sized manufacturers. This program has been a game-changer for our manufacturing community, and NJMEP stands behind the NJEDA as they continue to empower and advance New Jersey’s manufacturing sector through this vital initiative."
In line with Governor Murphy’s vision for a diverse and inclusive innovation ecosystem, MVP offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses. Additional bonuses are available for businesses located in Opportunity Zones or those with active collective bargaining agreements, companies with fewer than 50 full-time employees, and businesses purchasing equipment from New Jersey manufacturers.
Governor Murphy announced MVP as a pilot program in October 2022. With this latest approval, over $63 million has been allocated since its inception.
